Port of Tallinn is forced to suspend smaller investments
The decision of the state to withdraw another 316 mln kroons of dividends from Port of Tallinn in 2009 will postpone smaller real estate and road construction related investments of the company, while the construction of Muuga port and container terminal will not be suspended, National Broadcasting/LETA reported.
The Port of Tallinn intends to cover a half of the dividends to be given to the state with this year’s profit and the rest with a loan.
Port of Tallinn council chairman Neinar Seli said that a part of investments will be suspended, like developing commercial space in the port in central Tallinn as well as renovating roads leading to cruise ships.
“Following the priorities, expansion of the Muuga port and completing the construction of container terminal are more important than working on developing the Old Town and real estate,” said Seli.
Seli said that the company’s profit will this year be definitely bigger than last year, which is confirmed by cargo volumes the company has handled.
In September, the port handled 2.56 mln tonnes of cargo which is 8.7% more than at the same time last year. Transport of oil products and dry cargo has surged while the number of containers handled has fallen.